Rocky owns and operates Balboa's Gym located in Philadelphia. The following transactions occur for the month of October: 1. October 2 Receive membership dues for the month of October totaling $5,500. 2. October 5 Issue common stock in exchange for cash, $12,000. 3. October 9 Purchase additional boxing equipment for $9,600, paying one-half of the amount in cash and issuing a note payable to the seller for the other one-half due by the end of the year. 4. October 12 Pay $1,500 for advertising regarding a special membership rate available during the month of October 5. October 19 Pay dividends to stockholders, $4,400. 6. October 22 Pay liability insurance to cover accidents to members for the next six months, starting November 1, $6,900. 7. October 25 Receive cash in advance for November memberships, $5,600. 8. October 30 Receive, but do not pay, utilities bill for the month, $5,200. 9. October 31 Pay employees' salaries for the month, $7,300. 3. Assume the balance of cash at the beginning of October is $16.600. Post each cash transaction to the cash T-account. Cash October 11 16,600 End Bal 16,600